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CBN reviews operations of NIBBS instant payments system, others

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CBN reviews operations of NIBBS instant payments system, others

The CBN has reviewed upwards, the operations of the Nigeria Inter-Bank Settlement System (NIBSS) and other electronic payment operations.

This is contained in a circular by Musa Jimoh, Director, Payments System Management Department of the bank.

Jimoh stated that the review was in furtherance of a 2014 circular on the subject.

“Banks are hereby required to comply with the following:

“Accept indemnity from customers for highly secured online funds transfer above N1 million Naira for individual customers and N10 million for corporate customers subject to a maximum of N25 million (Individual) and N250 million (Corporate);

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“Provide customers with the option of electronic or paper indemnity based on customer’s preference;

“Implement electronic indemnity with stricter controls requiring biometric verification of identity,’’ he stated.

He added that banks should adhere to Multiple Factor Authentication for “highly secured’’ online funds transfer.

“They should inform and educate customers on the use of indemnity to increase transaction limits where applicable,’’ he stated.

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